Here we provide the answers to some very important common questions:-
Who is Blackfriars Insurance Brokers and can I trust them?
Blackfriars Insurance Brokers Limited is an independent insurance broker that has been established for over 20 years, and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 308518.
We transact our business totally ethically. We will always provide the product that serves your interests best and not ours.
What service can I expect from Blackfriars?
We will obtain quotations from a range of suitable insurers, although for some risks the choice may be limited to as few as a single insurer. Being independent, we are not tied to any insurer or panel of insurers, so we can obtain terms freely from all the insurers available to us.
Unless we advise you otherwise, we will work on a ‘non-advised’ basis where will not recommend the insurance and you have to decide if the quotation we provide is suitable for your needs.
How long will the insurance last and can I cancel my policy?
Unless agreed with the insurer prior to effecting cover, insurance is a contract lasting for 12 months.
Consumers, defined by the FCA as acting for purposes outside the trade, business or profession, have a 14 ‘Cooling Off’ period from receipt of the policy, and insurance can be cancelled within the ‘Cooling Off’ period subject to a minimum charge provided there have been no claims.
Commercial customers, defined by the FCA as a customer that is not a Consumer, do not get a 14 day ‘Cooling Off’ period by right, but some insurers will allow the equivalent of a ‘Cooling Off’ period. If a Commercial customer cancels a policy, the return premium allowed is dictated by the policy wording.
On cancellation we will not return any of the commission we have earned on the premium and will charge a cancellation fee, as detailed in our Terms of Business Agreement. This is because as an insurance broker we are paid for the work we do and the services we provide, and not for carrying risk like an insurer. The amount of work we do often bears no relation to the time a policy is in force and cancelling a policy incurs additional work.
Minimum and Deposit Premiums
Some policies allow no return premium in any circumstances, normally shown as ‘In Full’ or ‘Minimum and Deposit’ premiums, some charge short period rates, i.e. more than the pro rata proportion of the premium, and some will allow a pro rata return of premium. The policy wording shows the terms applicable.
If you are in any doubt that you are able to give a 12 month commitment, please speak to us before taking out or renewing a policy.
Can I pay my premium by instalments?
Some insurers will allow payment by instalments.
We may be able to arrange financing of the premium through a third party premium finance provider, subject to a minimum premium. Premium financing is taking out a loan to pay your premium and your commitment is to repaying the loan and not paying for the insurance. Premium finance is usually subject to a minimum charge which can produce the equivalent of a very high interest rate for small premiums.
Blackfriars does not provide its own finance facilities and is not a lender, but we may receive an income from the premium finance provider.
Financing a premium does not alter the policy or premium commitment, i.e. an annual commitment does not change to a monthly commitment that can be cancelled at any time without penalty.
If your insurance policy is cancelled mid term, you are still responsible for repaying the premium finance loan. Any return premium allowed following the cancellation, after deduction of our commission and cancellation fee, will be offset against what you owe to the premium finance provider leaving you to pay any balance due to them.
If you default on a premium finance instalment, the premium finance provider will usually make a charge. If the default causes a delay in the premium finance provider paying us the premium and we cannot pay the insurer on time, your policy may be cancelled if you cannot pay us in full prior to the payment becoming due to the insurer. The cancellation will usually be at the insurer’s normal cancellation conditions, which may result in no return premium and full premium remaining due.
If you cancel the premium finance arrangement, the premium finance provider can cancel your policy and any return premium allowed following the cancellation, after deduction of our commission and cancellation fee, will be offset against what you owe leaving you to pay any balance due.
You should read carefully any premium finance agreement prior to acceptance so that you are aware of its terms and conditions.
Why do Blackfriars charge fees?
Insurance brokers are traditionally paid a commission from the insurance premium. Our insurance products are competitively priced, and fees are charged in addition to commission alone to cover our costs.
We charge fees for administering the policies and for handling payments. We do not charge a handling fee where we do not handle the payment, e.g. if the premium is paid directly to the insurer.